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1/17/23
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A 3.8k sf, two-tenant retail property in the Seattle metro area sold for $2.8 mil, or $737/sf. The property, occupied by Pacific Dental Services and Coldwell Banker, sits on a 0.4-acre parcel at 1031 SE Everett Mall Way in Everett.
The building, built in 1975 and renovated in 2017, is situated across from Everett Mall with tenants Best Buy, Burlington, Old Navy, ULTA Beauty, Party City T.J. Maxx, LA Fitness, Floor & Décor, Party City, Regal Cinemas and many more. Everett Mall is ideally located just off Interstate 5.
Jeff Lefko and Bill Ashe of Hanley Investment Group Real Estate Advisors, along with ParaSell Inc, represented the seller, a private investment company based in Orange County. The buyer, a private investor based in Seattle, was repped by Michael Finch at CenturyPacific LLP, also from Seattle.
“We generated multiple competitive offers shortly after commencing all formal marketing and negotiated a 21-day due diligence period and timely closing with a local buyer based in Seattle,” said Lefko. “Rare 3% annual rental increases and the property located in an income-tax-free state were extremely attractive characteristics for the buyer and all interested investors.”
According to Lefko, “Two-tenant triple-net pad investments leased to corporate tenants in affluent locations across the country continue to be in high demand. These types of assets remain attractive alternative investments compared to lower yield, single-tenant net-leased properties in today’s market.”
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